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Alert - 15:40 (CET) - XauUsd
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The XauUsd (Ounce of Gold against the Dollar) is trading at 835.95, ranging between 830.65 and 840.10. The current price is over yesterday's close at 838.45. Checking the hourly graphics, we see that the 20- and 50-day EMA (Exponential Mobile Average) are over the 200-day EMA.
As the supports are being watched at 700.00 (key), 681.85 (2008 low) and 642.15 (August 2007 low). As the pair broke the resistances at 768.80 (November 10th high) and 800.00 (key), the traders are watching the next at 856.32 (October 15th high).
As the markets have already priced in most of tomorrow's Fed rate cut and the OPEC's likely production cut, the gold is in a transition session. Also, the recent numbers of the US economy show that it is in a deflationary process, and the investors have no need to seek refuge in the metal.
Meanwhile, the current price is over the 23.60% (759.32) Fibonacci retracement line. The Relative Strenght Index (RSI) is at 57 points, after being overbought. Also, the average volatility per hour is 1100 pips.
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